Section 32(1) in The Chennai Metropolitan Water Supply and Sewerage Act, 1978
(1)Subject to the provisions of this Act and the regulations made thereunder and subject to such conditions as may be specified by the Government by a general or a special order issued in this behalf by them and with their previous approval, the Board may, from time to time, borrow money required for the purposes of this Act by any one or more of the manners specified below:-(a)raising loans from any bank or other financing institutions or the Life Insurance Corporation of India established under section 3 of the Life Insurance Corporation Act, 1956 (Central Act 31 of 1956); or(b)raising loans from any corporation owned or controlled by the Central or the State Government; or(c)raising loans from the public by issue of bonds, or debentures or stocks or otherwise in the form and maimer approved by the Government:Provided that the loans or amounts borrowed under this sub-section shall be utilized only for the specific purpose or purposes for which such loans or borrowings were raised or made.
